Registration number: NI059279

Nugent Coachworks Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Nugent Coachworks Limited

Company Information

Director

Shane Nugent

Company secretary

Shane Nugent

Registered office

108 Aghnagar Road, Galbally Dungannon BT70 2PP

Auditors

McKeague Morgan & Company 27 College Gardens Belfast BT9 6BS

Nugent Coachworks Limited

(Registration number: NI059279)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,072,625	769,441
Current assets
Stocks	5	1,180,000	1,025,600
Debtors	6	1,076,315	616,362
Cash at bank and in hand		4,818	49,006
		2,261,133	1,690,968
Creditors: Amounts falling due within one year	7	(3,509,741)	(2,314,881)
Net current liabilities		(1,248,608)	(623,913)
Total assets less current liabilities		(175,983)	145,528
Creditors: Amounts falling due after more than one year	7	(5,399)	(11,878)
Provisions for liabilities		(144,317)	(18,716)
Net (liabilities)/assets		(325,699)	114,934
Capital and reserves
Called up share capital		400	400
Profit and loss account		(326,099)	114,534
Total equity		(325,699)	114,934

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 December 2025
 

.........................................

Shane Nugent
Company secretary and director

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
108 Aghnagar Road,
Galbally
Dungannon
BT70 2PP

These financial statements were authorised for issue by the director on 19 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 19 December 2025 was Mr Terence Hollywood, who signed for and on behalf of McKeague Morgan & Company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short Leasehold Buildings	10% straight line
Motor vehicles	20% reducing balance
Plant and machinery	10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 63 (2024 - 56).

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Short leasehold land and buildings £	Motor vehicles  £	Other tangible assets  £	Total £
Cost or valuation
At 1 April 2024	134,672	106,850	791,687	1,033,209
Additions	-	8,000	424,301	432,301
At 31 March 2025	134,672	114,850	1,215,988	1,465,510
Depreciation
At 1 April 2024	13,467	38,888	211,413	263,768
Charge for the year	13,467	15,192	100,458	129,117
At 31 March 2025	26,934	54,080	311,871	392,885
Carrying amount
At 31 March 2025	107,738	60,770	904,117	1,072,625
At 31 March 2024	121,205	67,962	580,274	769,441

Included within the net book value of land and buildings above is £107,738 (2024 - £121,205) in respect of short leasehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other inventories	1,180,000	1,025,600

6

Debtors

	2025 £	2024 £
Trade debtors	1,016,920	611,917
Prepayments	4,445	4,445
Other debtors	54,950	-
	1,076,315	616,362

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7

Creditors

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	9	384,359	266,372
HP and finance lease liabilities		6,480	40,523
Trade creditors		931,137	829,200
Amounts owed to related parties	10	2,102,588	992,630
Taxation and social security		53,600	125,867
Other creditors		4,902	3,766
Loans from directors		280	280
Accruals and deferred income		26,395	56,243
		3,509,741	2,314,881
Due after one year
Obligations under finance leases		5,399	11,878

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	400	400	400	400

9	Loans and borrowings

	2025 £	2024 £
Current loans and borrowings
Bank overdrafts	384,359	266,372

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	5,399	11,878

Bank overdraft

The company operates a Barclays Sales Finance facility. At the year end, Barclays Bank hold the following as security for borrowings:
1) Director guarantees
2) An intercompany cross guarantee

10	Related party transactions

During the year, the company rendered services totalling £2,661 to related parties and purchased goods and services totalling £393,083 from related parties. At 31 March 2025 there were amounts outstanding from related parties totalling £NIL (2024 : £NIL) and amounts owed to related parties totalling £2,102,588 (2024 : £992,630).The related parties involved in the aforementioned transactions are related by virtue of common shareholders and/or directors.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.

Nugent Coachworks Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11	Parent and ultimate parent undertaking

The company's immediate parent is Sean Nugent Holdings Ltd, incorporated in Northern Ireland.

 The ultimate controlling party is Shane Nugent.